CBL & ASSOCIATES PROPERTIES INC
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
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Open-Air Center Lease Expirations
pen-Air Centers Lease Expirations
The following table summarizes the scheduled lease expirations for tenants in occupancy at our open-air centers as of December 31, 2024:
| Year EndingDecember 31, | Number ofLeasesExpiring | AnnualizedGrossRent (1) | GLA ofExpiringLeases | AverageAnnualizedGross RentPer SquareFoot | ExpiringLeasesas % of TotalAnnualizedGrossRent (2) | ExpiringLeases as a% of TotalLeasedGLA (3) |
|---|---|---|---|---|---|---|
| 2025 | 43 | $4,433,350 | 115,378 | $38.42 | 7.9% | 5.2% |
| 2026 | 71 | 8,209,803 | 454,471 | 18.06 | 14.6% | 20.5% |
| 2027 | 51 | 8,837,676 | 436,494 | 20.25 | 15.7% | 19.6% |
| 2028 | 43 | 6,925,362 | 247,814 | 27.95 | 12.3% | 11.2% |
| 2029 | 44 | 7,991,838 | 268,802 | 29.73 | 14.2% | 12.1% |
| 2030 | 35 | 7,291,937 | 266,619 | 27.35 | 12.9% | 12.0% |
| 2031 | 19 | 5,989,626 | 192,883 | 31.05 | 10.6% | 8.7% |
| 2032 | 14 | 2,975,762 | 94,016 | 31.65 | 5.3% | 4.2% |
| 2033 | 12 | 2,281,811 | 82,633 | 27.61 | 4.1% | 3.7% |
| 2034 | 11 | 1,390,747 | 62,888 | 22.11 | 2.5% | 2.8% |
(1)
Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2024 for expiring leases that were executed as of December 31, 2024. Based on 100% of the applicable amounts and has not been adjusted for our ownership share.
(2)
Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2024.
(3)
Debt on Open-Air Centers
Please see the table entitled“Mortgage Loans Outstanding at December 31, 2024” included herein for information regarding any liens or encumbrances related to our open-air centers.
All Other Properties
The all other properties include office buildings and hotels. The following table sets forth certain information for each of our office buildings and hotels at December 31, 2024 (dollars in thousands, except for sales per square foot amounts):
| Property / Location · Year ofOpening/ MostRecentExpansion · Company'sOwnership · TotalCenterSquare Feet · TotalLeasableGLA · PercentageGLAOccupied · Anchors &JuniorAnchors | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Other: | |||||||||
| 840 Greenbrier Circle Office Chesapeake, VA | 1983 | 100% | 49,869 | 49,869 | 83% | None | |||
| Aloft Hotel (1)(2) Chattanooga, TN | 2021 | 50% | 89,674 | N/A | N/A | None | |||
| CBL Center (3) Chattanooga, TN | 2001 | 92% | 131,895 | 131,895 | 98% | None | |||
| CBL Center II (3) Chattanooga, TN | 2008 | 92% | 69,507 | 69,507 | 77% | None | |||
| Pearland Office Pearland, TX | 2009 | 100% | 66,915 | 66,915 | 91% | None | |||
| Total Other | 407,860 | 318,186 | 90% | ||||||
(1)
(2)
The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions.
(3)
We own a 92% interest in the CBL Center office buildings, with an aggregate square footage of approximately 202,000 square feet, where our corporate headquarters is located. As of December 31, 2024, we occupied approximately 39% of the total square footage of the buildings.
Anchors and Junior Anchors
Anchors and Junior Anchors are an important factor in a property’s successful performance. However, over the past several years the number of traditional department store anchors have declined, providing us the opportunity to redevelop these spaces to attract new uses such as restaurants, entertainment, fitness centers, casinos, grocery stores and lifestyle retailers that engage consumers and encourage them to spend more time at our properties. Anchors are generally a department store or, increasingly, other large format tenants, including retailers whose merchandise appeals to a broad range of shoppers, and non-retail uses. Anchors play a significant role in generating customer traffic and creating a desirable location for the property's tenants.
Anchors and Junior Anchors may own their stores and the land underneath, as well as the adjacent parking areas, or may enter into long-term leases with respect to their stores. Rental rates per square foot for Anchor tenants are significantly lower than the rents charged to non-anchor tenants. Total revenues from Anchors and Junior Anchors accounted for 16.8% of the total revenues from our properties in 2024. Each Anchor and Junior Anchor that owns its store has entered into an operating and reciprocal easement agreement with us covering items such as operating covenants, reciprocal easements, property operations, initial construction and future expansion.
During 2024, the following Anchors and Junior Anchors were added to our properties:
| Name | Property | Location |
|---|---|---|
| Aldi | Governor's Square Plaza | Clarksville, TN |
| Appliance Factory Mattress Kingdom (Owned by Others) | Frontier Mall | Cheyenne, WY |
| BJ's Wholesale Club (Owned by Others) | Jefferson Mall | Louisville, KY |
| Bomgaars (Owned by Others) | Frontier Mall | Cheyenne, WY |
| Crunch Fitness | Coastal Grand Mall | Myrtle Beach, SC |
| Crunch Fitness | Hamilton Place | Chattanooga, TN |
| Dick's Sporting Goods | Westmoreland Mall | Greensburg, PA |
| Mega Furniture (Owned by Others) | Mall del Norte | Laredo, TX |
| Murdoch's Farm & Ranch (Owned by Others) | Post Oak Mall | College Station, TX |
| Planet Fitness | West Towne Mall | Madison, WI |
| Shoe Station | The Shoppes at Hamilton Place | Chattanooga, TN |
| Thrill Factory | East Towne Mall | Madison, WI |
| Tilted 10 | Jefferson Mall | Louisville, KY |
As of December 31, 2024, our properties had a total of 437 Anchors and Junior Anchors, including 40 vacant Anchor and Junior Anchor locations, and excluding Anchors and Junior Anchors at Excluded Properties. The Anchors and Junior Anchors and the amount of GLA leased or owned by each as of December 31, 2024 is as follows:
| Number of Stores · Gross Leasable Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| Anchor Owned · Anchor Owned | ||||||||
| Anchor/Junior Anchor | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total Gross Leased Area |
| JC Penney | 16 | 20 | 4 | 40 | 1,753,030 | 2,528,291 | 586,030 | 4,867,351 |
| Dillard's | — | 29 | 3 | 32 | — | 4,062,937 | 559,612 | 4,622,549 |
| Macy's | 7 | 11 | 3 | 21 | 764,864 | 1,895,569 | 658,388 | 3,318,821 |
| Belk | 5 | 11 | 3 | 19 | 430,017 | 1,552,713 | 300,995 | 2,283,725 |
| Academy Sports + Outdoors | 3 | — | — | 3 | 199,091 | — | — | 199,091 |
| Aldi | 1 | — | — | 1 | 23,708 | — | — | 23,708 |
| AMC Theatres | 3 | — | 1 | 4 | 117,867 | — | 56,255 | 174,122 |
| American Signature Furniture | — | 1 | — | 1 | — | 61,620 | — | 61,620 |
| Appliance Factory Mattress Kingdom | — | 1 | — | 1 | — | 59,314 | — | 59,314 |
| Ashley HomeStore | 1 | — | — | 1 | 20,000 | — | — | 20,000 |
| At Home | — | 1 | — | 1 | — | 124,700 | — | 124,700 |
| Barnes & Noble | 15 | — | — | 15 | 450,537 | — | — | 450,537 |
| Ben's Furniture and Antiques | 1 | — | — | 1 | 23,895 | — | — | 23,895 |
| Best Buy | 6 | — | 1 | 7 | 216,640 | — | 45,070 | 261,710 |
| Big Air Trampoline Park | 1 | — | — | 1 | 33,938 | — | — | 33,938 |
| Number of Stores · Gross Leasable Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| Anchor Owned · Anchor Owned | ||||||||
| Anchor/Junior Anchor | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total Gross Leased Area |
| BJ's Wholesale Club | 1 | 1 | — | 2 | 85,188 | 104,137 | — | 189,325 |
| Bob's Discount Furniture | 1 | — | — | 1 | 20,308 | — | — | 20,308 |
| Bomgaars | — | 1 | — | 1 | — | 83,055 | — | 83,055 |
| Books-A-Million, Inc.: | ||||||||
| Books-A-Million | 1 | — | — | 1 | 20,642 | — | — | 20,642 |
| 2nd & Charles | 1 | — | — | 1 | 23,538 | — | — | 23,538 |
| Books-A-Million, Inc. Subtotal | 2 | — | — | 2 | 44,180 | — | — | 44,180 |
| Boscov's | — | 1 | — | 1 | — | 150,000 | — | 150,000 |
| Burlington | 2 | 2 | — | 4 | 51,437 | 94,049 | — | 145,486 |
| Cinemark | 7 | — | — | 7 | 382,506 | — | — | 382,506 |
| City of College Station | — | 1 | — | 1 | — | 103,888 | — | 103,888 |
| Conn's Home Plus | — | 1 | — | 1 | — | 50,000 | — | 50,000 |
| Costco | — | 1 | — | 1 | — | 153,973 | — | 153,973 |
| Crunch Fitness | 2 | 2 | — | 4 | 60,165 | 88,958 | — | 149,123 |
| Dave & Buster's | 2 | 1 | — | 3 | 61,316 | 26,509 | — | 87,825 |
| Dick's Sporting Goods Inc.: | ||||||||
| Dick's Sporting Goods | 21 | 1 | 2 | 24 | 1,207,995 | 50,000 | 280,586 | 1,538,581 |
| Dick's Sporting Goods Fulfillment Center | 1 | — | — | 1 | 113,545 | — | — | 113,545 |
| Dick's Warehouse | 1 | — | — | 1 | 77,117 | — | — | 77,117 |
| Dick's Sporting Goods Inc. Subtotal | 23 | 1 | 2 | 26 | 1,398,657 | 50,000 | 280,586 | 1,729,243 |
| Dunham's Sports | 2 | — | — | 2 | 125,551 | — | — | 125,551 |
| EFO Furniture & Mattress Outlet | 1 | — | — | 1 | 43,171 | — | — | 43,171 |
| Electronic Express | — | 2 | — | 2 | — | 87,573 | — | 87,573 |
| Encore | 2 | — | — | 2 | 53,856 | — | — | 53,856 |
| Flip N Fly | 1 | — | — | 1 | 27,972 | — | — | 27,972 |
| Flix Brewhouse | 1 | — | — | 1 | 39,150 | — | — | 39,150 |
| Foot Locker | 1 | — | — | 1 | 22,847 | — | — | 22,847 |
| Forever 21 | 5 | — | — | 5 | 120,020 | — | — | 120,020 |
| Full Throttle Adrenaline Park | 1 | — | — | 1 | 64,135 | — | — | 64,135 |
| The Fresh Market | 1 | — | — | 1 | 21,442 | — | — | 21,442 |
| Gabe's | — | 1 | — | 1 | — | 29,596 | — | 29,596 |
| H&M | 26 | — | — | 26 | 573,882 | — | — | 573,882 |
| Hamrick's | 1 | — | — | 1 | 40,000 | — | — | 40,000 |
| Harris Teeter | — | — | 1 | 1 | — | — | 72,757 | 72,757 |
| Havertys Furniture | 1 | — | — | 1 | 25,080 | — | — | 25,080 |
| High Caliber Karting | 1 | — | — | 1 | 100,683 | — | — | 100,683 |
| Hobby Lobby | — | 2 | — | 2 | — | 163,104 | — | 163,104 |
| Hollywood Casino | 1 | — | — | 1 | 79,500 | — | — | 79,500 |
| Home Trends | 1 | — | — | 1 | 128,330 | — | — | 128,330 |
| Hospital Corporation of America | 1 | — | — | 1 | 48,000 | — | — | 48,000 |
| I. Keating Furniture | 1 | — | — | 1 | 103,994 | — | — | 103,994 |
| Jo-Ann Fabrics & Crafts | 3 | — | — | 3 | 73,738 | — | — | 73,738 |
| Kings Dining & Entertainment | 1 | — | — | 1 | 22,678 | — | — | 22,678 |
| Kohl's | 2 | 4 | 1 | 7 | 142,205 | 312,731 | 83,000 | 537,936 |
| LA Fitness | 1 | — | — | 1 | 41,000 | — | — | 41,000 |
| Launch Trampoline Park | 1 | — | — | 1 | 31,989 | — | — | 31,989 |
| Levin Furniture | 1 | — | — | 1 | 55,314 | — | — | 55,314 |
| Life Storage | — | 1 | — | 1 | — | 131,915 | — | 131,915 |
| Live! Casino Pittsburgh | 1 | — | — | 1 | 129,552 | — | — | 129,552 |
| LIVE Ventures, Inc.: | ||||||||
| V-Stock | 1 | — | — | 1 | 23,058 | — | — | 23,058 |
| Vintage Stock | 1 | — | — | 1 | 46,108 | — | — | 46,108 |
| LIVE Ventures, Inc. Subtotal | 2 | — | — | 2 | 69,166 | — | — | 69,166 |
| Main Event | 1 | 2 | — | 3 | 61,844 | 101,603 | — | 163,447 |
| Number of Stores · Gross Leasable Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| Anchor Owned · Anchor Owned | ||||||||
| Anchor/Junior Anchor | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total Gross Leased Area |
| Marcus Theatres | 1 | — | — | 1 | 57,500 | — | — | 57,500 |
| Mega Furniture | — | 1 | — | 1 | — | 75,000 | — | 75,000 |
| Metcalfe's Market | — | 1 | — | 1 | — | 67,365 | — | 67,365 |
| Michaels | 6 | 1 | — | 7 | 132,595 | 23,645 | — | 156,240 |
| Movie Tavern by Marcus | 1 | — | — | 1 | 40,585 | — | — | 40,585 |
| Murdoch's Farm & Ranch | — | 1 | — | 1 | — | 60,241 | — | 60,241 |
| Nickels and Dimes, Inc.: | ||||||||
| Tilt | 1 | — | — | 1 | 22,484 | — | — | 22,484 |
| Tilt Studio | 5 | — | — | 5 | 347,046 | — | — | 347,046 |
| Tilted 10 | 1 | — | — | 1 | 50,000 | — | — | 50,000 |
| Nickels and Dimes, Inc. Subtotal | 7 | — | — | 7 | 419,530 | — | — | 419,530 |
| Nike Factory Store | 1 | — | — | 1 | 22,479 | — | — | 22,479 |
| Nordstrom | — | — | 2 | 2 | — | — | 385,000 | 385,000 |
| Nordstrom Rack | 3 | — | — | 3 | 80,131 | — | — | 80,131 |
| O2 Fitness | 1 | — | — | 1 | 27,048 | — | — | 27,048 |
| Office Depot | 1 | — | — | 1 | 23,425 | — | — | 23,425 |
| OfficeMax | — | 1 | — | 1 | — | 24,606 | — | 24,606 |
| Old Navy | 1 | — | — | 1 | 20,257 | — | — | 20,257 |
| Ollie's Bargain Outlet | 1 | — | — | 1 | 28,446 | — | — | 28,446 |
| One Life Fitness | — | 1 | — | 1 | — | 49,241 | — | 49,241 |
| Overstock Furniture and Mattress | 1 | — | — | 1 | 59,360 | — | — | 59,360 |
| PA Fitness | 1 | — | — | 1 | 30,664 | — | — | 30,664 |
| Party City | 1 | — | — | 1 | 20,841 | — | — | 20,841 |
| PetSmart | 2 | — | — | 2 | 46,248 | — | — | 46,248 |
| Planet Fitness | 4 | — | — | 4 | 104,215 | — | — | 104,215 |
| Publix | 1 | — | — | 1 | 45,600 | — | — | 45,600 |
| Reaching Out For Jesus Christian Center | 1 | — | — | 1 | 43,632 | — | — | 43,632 |
| Regal Cinemas | 3 | 1 | 1 | 5 | 188,365 | 57,854 | 60,400 | 306,619 |
| REI | 1 | — | — | 1 | 24,427 | — | — | 24,427 |
| Rooms To Go | — | 1 | — | 1 | — | 45,000 | — | 45,000 |
| Ross Dress for Less | 8 | 2 | — | 10 | 215,747 | 70,981 | — | 286,728 |
| Saks Fifth Avenue OFF 5TH | 1 | — | — | 1 | 24,807 | — | — | 24,807 |
| Scheel's | 1 | — | 1 | 2 | 141,840 | — | 81,296 | 223,136 |
| Schuler Books & Music | 1 | — | — | 1 | 24,116 | — | — | 24,116 |
| Shoe Station | 1 | — | — | 1 | 28,777 | — | — | 28,777 |
| ShopRite | 1 | — | — | 1 | 87,381 | — | — | 87,381 |
| Sleep Inn & Suites | — | — | 1 | 1 | — | — | 123,506 | 123,506 |
| Southwest Theaters | 1 | — | — | 1 | 29,830 | — | — | 29,830 |
| Spare Time Entertainment | — | 1 | — | 1 | — | 39,109 | — | 39,109 |
| Sports Center | 1 | — | — | 1 | 60,000 | — | — | 60,000 |
| Sportsman's Warehouse | — | 1 | — | 1 | — | 48,171 | — | 48,171 |
| Stars and Strikes | 1 | — | — | 1 | 52,727 | — | — | 52,727 |
| Target | — | 8 | — | 8 | — | 948,730 | — | 948,730 |
| Thrill Factory | 1 | — | — | 1 | 47,943 | — | — | 47,943 |
| The TJX Companies, Inc.: | ||||||||
| HomeGoods | 4 | 1 | — | 5 | 97,277 | 26,355 | — | 123,632 |
| Marshalls | 8 | — | — | 8 | 229,182 | — | — | 229,182 |
| T.J. Maxx | 4 | 1 | — | 5 | 109,031 | 28,081 | — | 137,112 |
| The TJX Companies, Inc. Subtotal | 16 | 2 | — | 18 | 435,490 | 54,436 | — | 489,926 |
| Total Wine and More | — | 1 | — | 1 | — | 28,350 | — | 28,350 |
| TruFit | 1 | 1 | — | 2 | 45,179 | 43,145 | — | 88,324 |
| Truist | — | — | 1 | 1 | — | — | 60,000 | 60,000 |
| Truliant Federal Credit Union | — | 1 | — | 1 | — | 150,447 | — | 150,447 |
| Urban Air Adventure Park | 1 | 1 | — | 2 | 33,860 | 30,404 | — | 64,264 |
| Number of Stores · Gross Leasable Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| Anchor Owned · Anchor Owned | ||||||||
| Anchor/Junior Anchor | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total Gross Leased Area |
| Urban Planet | 1 | — | — | 1 | 30,463 | — | — | 30,463 |
| Vertical Trampoline Park | 1 | — | — | 1 | 24,972 | — | — | 24,972 |
| Von Maur | — | 2 | — | 2 | — | 232,377 | — | 232,377 |
| Wave Fashion | 1 | — | — | 1 | 27,978 | — | — | 27,978 |
| WhirlyBall | 1 | — | — | 1 | 27,094 | — | — | 27,094 |
| Whole Foods | 1 | — | 1 | 2 | 26,841 | — | 34,320 | 61,161 |
| Vacant Anchor/Junior Anchor: | ||||||||
| Vacant - former AMC Theaters | 2 | — | — | 2 | 73,547 | — | — | 73,547 |
| Vacant - former Ashley HomeStore | 1 | — | — | 1 | 20,487 | — | — | 20,487 |
| Vacant - former Bealls | 4 | — | — | 4 | 151,209 | — | — | 151,209 |
| Vacant - former Bed Bath & Beyond (1) | 1 | — | — | 1 | 30,432 | — | — | 30,432 |
| Vacant - former Bergner's | 1 | — | — | 1 | 131,616 | — | — | 131,616 |
| Vacant - former Boston Store | — | 1 | — | 1 | — | 138,755 | — | 138,755 |
| Vacant - former Burlington | 1 | — | — | 1 | 63,013 | — | — | 63,013 |
| Vacant - Conn's Home Plus | — | 1 | — | 1 | — | 38,312 | — | 38,312 |
| Vacant - former Dillard's | 2 | 1 | — | 3 | 116,376 | 99,828 | — | 216,204 |
| Vacant - former H&M | 1 | — | — | 1 | 20,268 | — | — | 20,268 |
| Vacant - former JC Penney (2) | — | 1 | — | 1 | — | 158,771 | — | 158,771 |
| Vacant - former Macy's | 4 | 2 | — | 6 | 361,246 | 242,530 | — | 603,776 |
| Vacant - former Restoration Hardware Outlet | 1 | — | — | 1 | 24,558 | — | — | 24,558 |
| Vacant - former Sears | 4 | 10 | 2 | 16 | 468,989 | 1,208,277 | 275,988 | 1,953,254 |
| Current Developments: | ||||||||
| Ashley Home Store | 1 | — | — | 1 | 93,000 | — | — | 93,000 |
| Barnes & Noble | 1 | — | — | 1 | 33,952 | — | — | 33,952 |
| BJ's Wholesale Club | — | 1 | — | 1 | — | 153,000 | — | 153,000 |
| Dave & Buster's | 2 | — | — | 2 | 70,270 | — | — | 70,270 |
| Novant Health (3) | — | 1 | — | 1 | — | 174,643 | — | 174,643 |
| Planet Fitness | 1 | — | — | 1 | 20,000 | — | — | 20,000 |
| Total Anchors/Junior Anchors | 265 | 144 | 28 | 437 | 12,841,799 | 16,279,453 | 3,663,203 | 32,784,455 |
(1)
In February 2025, Schuler Books & Music relocated to the former Bed Bath & Beyond at Meridian Mall.
(2)
SoundForce is expected to open in the former JC Penney space at Northgate Mall in 2025.
(3)
The former Sears space at Hanes Mall will be redeveloped for future office and retail space (owned by others).
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.